The European Commission's investigation reportedly found Apple to have benefitted from illicit state aid after it made backroom deals with Ireland's authorities. The company enjoyed a corporate tax rate of less than 2% in the country, where it has been operating since the 1980s.

The proposed BEPS project would help governments protect their tax bases and enhance predictability to taxpayers. At the same time, it would guard against new domestic rules leading to double taxation, unwarranted compliance burdens or restrictions to legitimate cross-border activity, according to the OECD.